The individual salaries and wage calculation methods of the high-income executives in companies listed on the Korean stock market will be made public down the road, with a minimum limit of 500 million won (US$487,145) per half year or quarter applied.
Corporations have to reveal their lists of high-income executives with not only annual but also quarterly and half-yearly business reports.
The Financial Services Commission (FSC) recently made a legal interpretation request to the Ministry of Government Legislation and received a positive answer as to whether the details of the salaries of such registered executives can be revealed in quarterly and half-yearly reports.
The FSC revised the Financial Investment Services and Capital Market Act in November last year so that the names and specific salary amounts of the registered executives earning more than 500 million won a year will be revealed in business reports. Prior to the revision, only the combined salaries of such executives had been open to the public.